Registrant's business is seasonal, and it is management’s opinion that comparisons of earnings for the quarterly periods do not reflect overall trends and changes in Registrant’s operations.



	AWR
	For The Year Ended December 31, 2018
(in thousands, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Year
Operating revenues	$	94,728	$	106,901	$	124,182	$	111,005	$	436,816
Operating income	18,691		25,568		33,975		22,749		100,983
Net income	10,782		16,348		22,952		13,789		63,871
Basic earnings per share *	0.29		0.44		0.62		0.37		1.73
Diluted earnings per share	0.29		0.44		0.62		0.37		1.72



	GSWC
	For The Year Ended December 31, 2018
(in thousands)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Year
Operating revenues	$	74,244	$	84,574	$	95,564	$	75,226	$	329,608
Operating income	16,297		22,645		27,540		14,080		80,562
Net income	8,890		13,648		17,919		7,555		48,012



	AWR
	For The Year Ended December 31, 2017
(in thousands, except per share amounts)	First Quarter		Second Quarter (1)		Third Quarter		Fourth Quarter (2)		Year
Operating revenues	$	98,810	$	113,195	$	124,418	$	104,180	$	440,603
Operating income	24,576		42,026		38,534		21,959		127,095
Net income	12,701		22,792		21,006		12,868		69,367
Basic earnings per share *	0.35		0.62		0.57		0.35		1.88
Diluted earnings per share	0.34		0.62		0.57		0.35		1.88



	GSWC
	For The Year Ended December 31, 2017
(in thousands)	First Quarter		Second Quarter (1)		Third Quarter		Fourth Quarter (2)		Year
Operating revenues	$	76,906	$	88,346	$	99,913	$	75,136	$	340,301
Operating income	21,876		35,229		32,986		15,780		105,871
Net income	10,749		18,363		17,336		7,309		53,757

* The sum of the quarterly basic earnings per share amounts do not agree to the yearly total due to rounding.


(1)	The second quarter of 2017 includes (i) an $8.3 million pretax gain related to the sale of GSWC's Ojai water system, and (ii) retroactive operating revenues at ASUS totaling $1.0 million related to periods prior to 2017 as a result of the U.S. government's approval of ASUS's economic price adjustment for one of its utility privatization contracts.


(2)	The fourth quarter of 2017 includes the remeasurement of deferred taxes as a result of the Tax Cuts and Jobs Act. In addition, a $1.8 million reduction to GSWC's operating expenses was recorded representing cash received for reimbursement of legal and other defense costs related to condemnation matters.